Australia is an increasingly diverse nation, that has a well-developed economy and stable legal system. Home to 25 million people, Australia has a high life expectancy and standard of living. Australians have access to extensive healthcare benefits, high quality education and affordable, good quality housing. Australia also boasts a strong regulatory framework, which affords businesses an ideal environment to operate within.
Why Start a Business in Australia
Many companies, of all sizes, see Australia as a great place to invest in. Its location presents a gateway to the rest of the Asia-Pacific region, accompanied by additional benefits such as low telecommunication costs, a set corporate tax rate of 30% and a well-educated, skilled workforce. Finally, Australia encourages foreign investment that is in line with the interests of the community.
Legal System in Australia
The legal system in Australia is based on the common law system. The activities of businesses operating in Australia are regulated by federal and state based legislation, regulations and processes.
Australia Public Holidays
The following are official public holidays in Australia:
- New Year’s Day
- Australia Day
- Good Friday
- Easter Monday
- Anzac Day
- Reconciliation Day
- The Queen’s Birthday
- Christmas Day
- Boxing Day
Note: There are various other public holidays that are state and territory specific.
Business Entities in Australia
There are various types of business structures available to companies who wish to operate in Australia. A person is able to conduct business as a sole trader, partnership, joint venture, corporation or through a trust.
While the most common form of business entity in Australia is a limited company, there are various types available to foreign entities, depending on the needs and scope of the business.
The working hours in Australia may differ for part-time, full-time and employees hired on a contractual basis. It is important that an employer define the working hours of an employee and employees can be required to work up to 38 hours. An employer may request an employee to work ‘reasonable overtime’ hours where required.
Health insurance in Australia
In Australia the healthcare system is made up of both public (government) and private healthcare.
The public healthcare system in Australia is known as Medicare. This scheme provides all Australians and some foreign nationals with low cost medical care. Once enrolled, an individual obtains a Medicare number, after which they are able to go to a public hospital and receive medical attention at no cost or a low cost. If covered by Medicare an individual is entitled to seeing a GP, a specialist and additional health services such as occupational therapy. Public hospitals in Australia provide high quality healthcare and are generally well equipped to deal with a wide range of issues.
Private healthcare insurance in Australia is also available to those who are able to afford the costs. There are various private healthcare schemes available, with different levels of cover. A major benefit of using a private health insurance scheme is that an individual is generally entitled to choose his or her hospital, doctor or specialist. Having private healthcare also allows for a patient to elect to be treated as a private patient in a public hospital.
INS Global in Australia
As the world’s leading global PEO, INS Global is well equipped to help your company expand to Australia. Our team of experts can help you navigate through the administrative parts of setting up your operation in Australia. Our expertise of local regulations and processes alleviates the administrative burden from your enterprise and allows you to focus on growing your business in Australia. Get in touch with us today and let us simplify your global expansion.